Low-VOC Coating Additive Market to Reach USD 8.46 Billion by 2028

Vantage Market Research

Jan 24, 2022

The Low-VOC Coating Additive Market is expected to reach USD 8.46 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 5.78% in between 2022 to 2028. Increasing environmental restrictions in developed, and developing nations, is anticipated to boost the low VOC coating additives market. Regional environmental agencies are forcing manufacturers to decrease the VOC content in their products. The growing need for low VOC coating additives from end-user enterprises is also fuelling the market. Major end-user industries like building & construction, automotive, and packaging.

Key Findings:

  • The high solids coatings segment is projected to expand at the significant CAGR over the forecast period owing to the increasing adoption use in the aerospace enterprise as a way to comply with the Environmental Protection Agency's emission restrictions. The agency has implemented a law that restricts the amount of VOC emitted into the atmosphere.
  • The defoaming segment held a prominent market share in 2021. This share is due to the rising investments as it enhances quality, lowers cost, improves productivity, and contains gloss enhancement, exceptional dispersion strength, and increased stain resistance.
  • Asia Pacific is expected to expand at a considerable CAGR from 2022 to 2028. This surge is attributed to the rising demand for low-VOC Coating Additive Market in developing economies such as China and India.

Some of the key players in the Low-VOC Coating Additive Market include - Air products (U.S.), Alatana AG (Germany), Eastman Chemical Company (U.S.), BASF SE (Germany), Huntsman Corporation (U.S.), Elementis PLC (U.K.), Dow (U.S.), Om Group Inc. (U.S.), Dupont (U.S.), and Allnex (Belgium)..

Coating additives are added to paints and coatings to enhance their quality and efficiency. It allows the surfaces to deal with higher temperature, moisture, chemicals, abrasion, and others. Technological improvements in VOC coating are anticipated to construct good market demand thereby towards sustainability & environmentally friendly products are expected to yield market of low-VOC coating additive over the forecast period.

Asia Pacific expected to hold the largest market share owing to the increasing demand in countries, such as the U.S., Canada, and Mexico. The increased financial growth in the growing nations is expected to boost the market growth in the next few years. Also, rising end-user enterprises such as automotive, packaging, and construction are boosting the low VOC coating additives market in the region.

COVID Impact Analysis

The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the Low-VOC Coating Additive Market. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online.

Recent Developments: -

November 2017- BASF India plans to double its capacity for polymer dispersions with a new production line at its site in Dahej, Gujarat. Through the investment, BASF aims to provide a reliable supply of high-quality dispersion solutions to customers in the fast-growing Indian and South Asian markets.